Bad Credit And Looking For A New Hyundai?

We’ve been there. You need a new car, truck, or SUV, but your credit score isn’t the greatest. What do you do? If you’d like to purchase a new Hyundai from Empire Hyundai, but you have bad credit, don’t worry. You still have options.

How To Get A Car Loan With Bad Credit

Most dealerships look for a FICO® Credit Score of 670 or above when a driver is applying for a lease or loan. However, many drivers have 669 or lower, which is considered a fair or poor credit score. Just because you don’t have awesome credit doesn’t mean that you can’t purchase a new Hyundai. Here are a few options that you may have.

• Cosigner – A cosigner with good credit will increase your approval chances and even your interest rate. There is less risk involved when you have a cosigner because the lender can go directly to the cosigner if you default on your loan.
• Buy-Here-Pay-Here Dealer – Some dealerships offer to finance your car directly and not use a third-party lender. Interest rates tend to be higher with this type of loan, so be sure to understand the qualifications involved.
• Second-Chance Car Loan – These sound exactly like the title states. These loans are designed for drivers who have bad credit that has been turned down by a conventional loan. They normally have higher interest rates and fees.
• Credit Union – Most credit unions offer low-interest car loans for drivers that are a part of their credit union. See if you’re eligible because credit unions often work with bad credit.

Of course, the better your credit, the better your options will be. Contact our Empire Hyundai dealership to discover what your financing and leasing opportunities are or to talk with our car financing team.